Why Australia’s tourism stocks are at a record low

Why Australia’s tourism stocks are at a record low

The Bureau of Meteorology has reported a record number of tourists are visiting Madagascar this holiday season, with the country’s tourism stock up by a third in just three years.

Antigua Tourism & Spa Group chief executive Chris Smith said there was a “great sense of optimism” that the country was on the right track and was now on track to achieve its ambitious tourism goals.

“Antiguan tourism has been the driver of our economic growth for a number of years,” Mr Smith said.

“So the fact that we are now seeing a record level of tourism arrivals has been quite exciting for us and a great example of the growth potential that is possible.”

The country has experienced an influx of tourism investment and new arrivals have fuelled economic growth, with tourists contributing more than $15 billion to Antigua’s economy, according to the Tourism & Sport Authority.

The Government has been keen to boost tourism, with Antiguan Prime Minister Antonio Alvarado saying last month that the Tourism Infrastructure Fund was about to be unveiled.

“We are going to be opening a hotel on the island and that will be an important development,” he said.

“It’s also about our economic development, because it’s about exporting to Europe.”

Tourism is a key driver of Antiguans economy, with more than 60% of the island’s gross domestic product coming from tourism, according the Tourism Authority.

But Mr Smith admitted there was still work to be done.

“If you look at Antiguana, the country has been struggling for a long time to grow tourism,” he told 7.30.

Mr Smith said Antiguelans economy was already experiencing a boom in the tourism sector.

“There are some very positive signs that the tourism industry is starting to pick up,” he added.

“People are starting to realise that Antigukans hospitality and accommodation sector is going to grow.”

Antiguian President Vincenzo Montanaro also said that while the Government was committed to improving the tourism experience in the island, it was also committed to ensuring that the Government remained vigilant in combating the threat of terrorism.

Topics:government-and-politics,tobacco,drug-offences,crime,terrorism,toursism,lifestyle-and_entertainment,antigaardua-2381First posted September 20, 2019 08:48:05Contact Peter WrightMore stories from New Zealand

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